from Wells Fargo

[handmade34]

for what it's worth...

https://saf.wellsfargoadvisors.com/emx/dctm/Marketing/Marketing_Materials/Life_Events_Planning/5263801.pdf

Key Provisions of 2017 Tax Reform...
The final provisions of the 2017 tax reform bill are finally here. The goal of this publication is to briefly highlight some of the key changes and planning issues of this complex bill that are important to individual investors and business owners. The impact on individuals will vary depending on your particular situation. Also, many aspects of this bill raise more questions and will need clarification. As time passes, we expect additional guidance to develop.

[Angry Dragon]

1. If you are not wealthy or have huge wages you are screwed

[handmade34]

2. that is the

truth we need to educate all people about... need to get as many Dems as possible in Congress to help heal this

[Igel]

3. Thanks.

Neat little summary without hyperventilating or long-winded discussions of how it affects a person in a uber-narrow category.

Hadn't noticed that there is no lower-income bound for federal income taxes. Still, the deduction will zero that out.

So personally, my family of 3 loses deductible income because of the way the standard/personal deductions work out. At the same time, 1/3 of the income is a child and so the child deduction doubles and we pay less. We're also in a slightly lower tax bracket--but that may not be meaningful because it's not just the maximum tax bracket dictates how much you pay but how the lower and higher tax brackets total up.

Texas has no income tax and lower property values, so the cessation of that subsidy for those in wealthier states won't affect me or those like me. Given that perspective, all the "I need to pay this property tax now" just looks like tax aversion for people who have high incomes and accumulated wealth. I do have colleagues who quasi-scam the system by having "dedicated" parts of their houses for "work" and take decent deductions for that, and it looks like those went away.

But they kept the teacher supply deduction. That's a huge relief, I can't tell you how much that particular political battle saved me. Without it, we'd be facing certain ruin. I can continue to deduct $250 from my gross income if I save the receipts. But my effective tax rate was already under 6%, so that deduction amounted to less than $15. So I could get lunch at B-Dubs on the federal government. Once per year. I'd surely starve if not for that. /snark off

[Wellstone ruled]

4. Pure ugly for

use fixed income Peasants.

[handmade34]

5. correct